China’s Asian Bank may herald a new world order

19 Nov China’s Asian Bank may herald a new world order

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In a commentary published in the Jakarta Post, Singapore Institute of International Affairs chairman Simon Tay argued that the AIIB proposal runs against the established regional and global order, in which the Americans dominate the World Bank while the Japanese traditionally head the Asian Development Bank. But he added that times have changed, “some will remember how, back during the Asian crisis of 1997-1998, they [the US] persuaded Japan and others not to support calls for an Asian Monetary Fund. However, the reality today is that, given the real needs for infrastructure, a simple No will no longer suffice”.

The above is an excerpt from an article originally posted in The Nation on 19 Nov 2014.